Top 3 Tips to Create a Strong Second-Party Data Strategy
By Kristina Knight / Originally featured in BizReport’s interview with ownerIQ CMO, Steve Ustaris
The keys to successful data use is analysis, and according to one expert, that analysis is especially key for the successful use of second-party data. Here are 3 tips to create a strong second party data strategy.
1. Run a campaign
“So first, run a campaign. It is easy to execute these strategies on a campaign level. A handful of solutions, like ownerIQ, have a multitude of turn-key second-party data executions that are applicable to your current digital marketing initiatives. These can be executed through a standard media IO, and will give you an idea of the type of performance and insight you can achieve,” said Steve Ustaris, CMO, ownerIQ.
2. Experience the entire process
“Next, if you are looking beyond the “off the shelf” options available and want to create a custom set of second-party data partners, there is a process. This includes identifying potential data partners, recruitment & outreach, developing compensation models, negotiating terms & condition of usage, campaign execution, and reporting value. While ownerIQ has the entire infrastructure to make this process turn-key, we have found that the more involved our clients are in the process the greater success they have. The process becomes more efficient and predictable which opens more opportunities for them,” said Ustaris.
3. Get yourself partner ready
“Lastly, get yourself partner ready. I believe that marketers that do not participate in some form of a shared data economy are incurring some opportunity cost, especially if you are a retailer or brand that sell through the retail channel. If you are not sharing your data with your channel partners in some capacity, you could be losing out on marketing dollars, incremental sales, deeper customer insights, etc. You need to get yourself prepared for this new world,” said Ustaris.
Learn more about the benefits of second-party data today.